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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The conglomerate maintains that the EPC contractor is not a related party, but there are multiple trails linking it with its promoters.
When Deloitte Haskins and Sells issued a qualified opinion as part of its audit of Adani Ports and Special Economic Zone’s results for the March quarter of fiscal 2022-23, it stated that it was unable to determine whether an engineering, procurement and construction, or EPC, contractor engaged by the company was a related party. It added that the question was prompted by allegations in the report of US-based short-seller Hindenburg Research, published on 24 January.
From the audit report:
The Company [APSEZ] has entered into Engineering, Procurement and Construction (EPC) purchase contracts substantially with a fellow subsidiary (“Contractor”) of a …
A regulatory easing could see the billionaire’s conglomerate move from running airports to owning an airline—an idea he is warming up to, with multiple options open.
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
A proposed SEC settlement lifts the biggest overhang on the Adani Group—its access to US capital markets.
